Options for Vested Members

Leave your money with HOOPP

If you terminate employment and are vested (have belonged to HOOPP for two or more years), you’re entitled to a deferred pension from HOOPP. With a deferred pension, you leave your money in HOOPP to draw as a lifetime pension once you reach retirement age.

You have another option. If you are looking for work with a HOOPP employer when you terminate, you can choose the "decision pending option".

Transfer your money out

Instead of a deferred pension you can transfer your benefits out of HOOPP.

The options for transferring your benefits out of HOOPP will depend on whether you are:

• under age 55 or
• 55 or older (at 55, you’re eligible for HOOPP early retirement)

If you transfer your money out of HOOPP, you may receive a pension adjustment reversal (PAR). A PAR will increase the amount you’re allowed to contribute to an RRSP.